All Forum Posts by: Rebekah Martin

I love this question and I love reading everyone's responses.

A dream property for me is one in a decent neighborhood that brings cash flow and appreciates. Starting with the neighborhood then looking at the cash flow and hoping the neighborhood appreciates is a plus.

@John Teachout That's mine as well!

@Austin F. Mine as well!

With so much information out there, it is overwhelming.

Realize there are plenty of ways to make money.

The bottom line is how you will spend your time, or money.

You can pay professionals to do work for you - that way you can do a lot more things, or you can put in the time and do one thing well yourself.

It's not always what you 'want/love' to do either.

Sure there are people who love real estate investing. But even if you don't, you can still be successful.

Many, many basic skills are applicable to all industries.

If you are organized, motivated, analytical and critically think you can be successful anywhere you choose.

You will not love every aspect of your job but you will spend your time there regardless.

If you choose RE investing, schedule time daily to work on it. 

Start where you can and let the days teach you what you do and don't like.

You need to make money to live. 

Figure out the amount you need and find a way to make that amount. If it's through cash flow, start there. If it's through flipping, focus on that.

Relieve yourself from being overwhelmed and start from the bottom.

What do you need and what step can you take today to get there?

If it's reading a bunch of google searches, let it be that.

Don't overlook that as a step. Every thought you have is also a step in the right direction.

But do take the time to write your thoughts, or take notes on what you read so you can actually start the work.

Start now, write down your needs. I'll do the same!

@Kyle Norris Very well said!

@Kathleen Wilcox I love your outlook on the goals of investing. I go back and forth on multi family or single but there is no right or wrong it just depends on your strategy. You can buy and hold single family & multi family, you can cash flow on single family & multi family, you can always add value to your single family and multi family property and put it back on the market. Are your goals to make quick money or monthly income? Dive into real estate and ask all these questions and the patterns you like will start to stand out to you.

@Jonathan Greene Absolutely love your response and strategy.

Hi @Chase Busick! Thank you - I linked out the site that I got the key points from. The book is definitely more interesting than these key points.

It's a very easy read, within the first page you will a lot.

The Psychology of Money by Morgan Housel

This book clearly describes our drastic use of and thoughts on money.

Take this into consideration when you are investing, when you are looking to partner or when speaking to others in general about generally spending money. 

-Financial success is far more about how you behave than what you know.

-Luck and risk play a role in almost all outcomes. Individual effort can only get you so far.

-Be careful about looking at specific examples of outcomes, and look more for general patterns.

-The hardest financial skill is getting the goalpost to stop moving. And to do that, you have to stop comparing yourself to others, and start determining what is "enough" for yourself.

-One of the single most important things you can do as an investor is wait, or extend your time horizon.

-Staying wealthy requires some combination of paranoia and frugality.

-Always plan for something to go wrong, and for some large, unexpected expense.

-Controlling your time is the highest dividend money pays.

-No one is impressed by your possessions as much as you are.

-Building wealth has little to do with your income or investment returns, and lots to do with your savings rate.

-Past a certain level of income, what you need depends only on your ego.

-Aim to be reasonable with your finances, not completely rational. This will be more realistic long-term.

-We can't predict future outlier events. That's what makes them outliers. So factor it into your plan.

-You need to add room for error, and avoid financial ruin. Leverage—going into debt—pushes routine risk into potential for ruin.

-Assume your priorities will change in the future, and avoid the extremes of financial planning. Examples include assuming you'll be happy with very low income, or willing to work very long hours for higher income.

-Everything has a price. The price of immediate consumption is much more visible than the price of neglecting long-term investment.

-Know what game you are playing, and avoid taking financial cues from people playing a different game.

-Stories are the most powerful force in the economy. Beware the stories you tell yourself.

Short takes:

-Less ego, more wealth.

-Use money to gain control of your time.

-Be nicer and less flashy.

-Save.

-Worship room for error.

-Avoid extremes.

Home repairs you can check yourself today:

1. Adding more insulation 

2. Add a timer for your sprinkler system

3. Replace wet or moldy drywall quickly

4. Have a plumber inspect your home every 3-5 years

5. Install a hot water heater catch basin

6. Attach a standpipe to your washing machine

7. Prevent windowsill rot - caulk the exterior around your window

8. Clean your AC unit - Take your leaf blower and use it to flush out your air-conditioning unit outside

9. Reset circuit breakers

Starting Out

I am an avid researcher. Very curious about everything and deconstruct goals to understand process. I love information and I strive for neat and organized. This is the only way to see what you're doing!

Of course the first couple days, weeks or months look more like spreading yourself thin, 100 open tabs and email templates blasted out.

Then you start seeing patterns. Start understanding. Understanding even one part of the whole process. You're able to make moves with intention. Responses from your searches start guiding you in a direction and you guide back.

Keep stopping to remember your goal so you can decide why something is a good idea or not.

Your Goals/Capabilities Aren't the Same as Others

This could never be more true but also more in depth than obvious.

Every time you set out to do something, anything, everyone and anyone will have an opinion.

I'm not talking about right or wrong, I'm talking about preference.

Just because your friend or family member has had an awful experience in the same pursuit as you, actually doesn't mean much to your experience. It actually benefits you. The fact that someone you know has done the same thing as you is great because you can ask them questions and get the real answers. These answers are yours to make work better for you. You can plan ahead now based on what to expect but this doesn't mean your outcome will turn out the same as your friend experienced. It doesn't even mean you'll experience the same thing twice using the same strategies. There are simply too many variables when working with people and business to predict what will happen.

Having a Business Mind Set

Instead, you are in control of your actions. The information you collect and distribute are in your hands. The decisions you make are yours. The work you put into something is all on you. You have the ability to accept or decline anything at any point. But knowing all your options and information is key.

While others do not do their research or want to put in the work or want to save enough, etc. you can do everything completely different from them to make any business venture or idea work for you.

Listen to those that complain about their experience and you can normally hear the real problem that occurred.

Taking advice is great but again it is your decision to accept or decline that advice.

No one knows your day to day but you. No one knows your stress level you can handle or want to handle but you. You can do more things than others make seem possible.

Do it for yourself so you can see each step of the way. Make it your own. Let the results, good or bad, speak for themselves and teach.

Don't Have a Scarcity Mindset

Know that when you invest your money, you are not limiting your income by exercising your savings. You can always find work to pay for your current bills, so you should not be worried "losing" that cash savings.

The key here is invest your money, not spending. Investing in an area you have researched and trust. An area where you are still in control of that money and it is not lost to someone else.

Before Making the Offer

Do much research. Ask questions. Network. This is all work. This takes time and most people want a quick answer. The answers are quick but you must ask the right people, ask a lot of people then compare and confirm for yourself afterwards.

You are making the investment so you should be the most comfortable and most in control of making that decision.

@Brenden Mitchum - Very much appreciated! I am excited to add more articles here. 

I agree with you and will add this to the Starting Out forum, however did this because once people have the rhythm, they do not check the Starting Out forum, and vice versa, newbies might not check outside the Starting Out forum.

The intent of this article is to give food for thought into the process in general - and I wanted everyone to be able to find this no matter their experience.